All articles by LII editorial
LII editorial
Buying life insurance the American way
When it comes to buying life insurance, Americans preferences are shifting increasingly away from the traditional brokeragent channel in favour of indirect channels, particularly the internet This is one of the notable findings of The 2011 Insurance Barometer Study conducted by the Life and Health Insurance Foundation for Education (LIFE) and financial services organisation LIMRA
AIA Group sets a cracking pace at its interim stage
Investors who backed AIA Groups initial public offer in October last year have reason to smile following release of the Asian life insurers interim results for the six months to 31 May 2011
Premium income growth takes a dive in China
It was slow-down time for Chinas insurance industry in the first half of 2011 with the life sector producing a particularly dismal showing, reports the China Insurance Regulatory Commission (CIRC)
Indian new premium income nosedives
According to the regulator total first-year premium income in the three months to 30 June came in at INR182.83bn ($4.1bn), down 28.4% from the INR255.22bn recorded in the same quarter in 2010-2011
Old Mutual South Africa takes big plunge into outsourcing
In a move aimed at improving efficiency and cutting costs, UK insurer Old Mutuals largest unit, Old Mutual South Africa (OMSA), has opted to go the outsourcing route Under a five-year contract worth ZAR2.49bn ($360m), Japanese telecommunications group Nippon Telegraph and Telephones information technology subsidiary Dimension Data and South African telecommunications company Telkom will operate all data and voice services for OMSA, its banking subsidiary Nedbank and general insurance subsidiary Mutual & Federal
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S&P takes a dim view on the US
Commenting on its decision, S&P said in a statement: “The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilise the governments medium-term debt dynamics With the US sovereign debts downgrade also went a downgrade by the rating agency to AA of the long-term counterparty credit and financial strength ratings of the five US insurers that had held the coveted AAA rating
Fast decisions are of the essence, believes Aviva
Indicative of its success in the speed stakes, Aviva reports that 95% of its underwriting decisions are now being made within eight hours of questionnaire completion by applicants for life cover and all decisions within 24 hours.
Willis pays up for slipping up
Commenting on the fine, the FSAs acting director of enforcement and financial crime, Tracey McDermott, said: “Willis Limited failed to take the appropriate steps to ensure payments it was making to overseas third parties were not being used for corrupt purposes
Punjab Bank to buy MetLife India stake
Subject to regulatory approval, PNB will acquire a 30% stake in MetLife India for an undisclosed sum and establish a joint venture in Indias life insurance market
Putting health insurance in the hands of the American consumer
As a key step towards this objective, the CMS has taken steps to encourage creation of new private non-profit, consumer-governed health insurance plans that will give consumers and small businesses additional affordable health insurance choices